No Jay Z, no happiness for the concert business.

Concert promoters and arenas are expected to slog through a tough start to 2015 as a dearth of big-name acts will limit ticket sales.

Comparisons to last year’s first quarter — when hip-hop star Jay Z and pop singer Justin Timberlake filled arenas — will produce results that will disappoint investors, one analyst said in a report on Tuesday.

Results will also be tamped down when it comes to tallying ticket sale revenue abroad because of the strong US dollar.

As a result, Albert Fried & Co. analyst Rich Tullo on Tuesday downgraded concert promoter Live Nation to market perform from overweight.

Tullo reduced his first-quarter revenue estimate for Live Nation by 7 percent, to $1.045 billion, and its estimated loss to 42 cents a share.

Live Nation shares fell 22 cents Tuesday, to close at $25.26.

“I’m not looking for a career move with this downgrade,” Tullo told The Post.

But the anticipated end of quantitative easing in the US, coupled with weak economies in many concert-loving countries, hasn’t persuaded the analyst that trends dominating the concert business have reversed.

In 2014, according to Pollstar, worldwide gross for the Top 100 tours fell 15.2 percent, to $4.2 billion, while tickets sold decreased 18.5 percent, to 51.7 million.

Tullo admits, nonetheless, the industry could take off if the economy accommodates a blockbuster slate later this year.

Taylor Swift’s “1989 World Tour” opens in Tokyo on May 5, with U2 heading to Vancouver on May 14. One Direction resumes its “On the Road Again Tour” in San Diego on July 9, while Madonna kicks off a string of “Rebel Heart” stops in Miami on Aug. 29.

Adding to the first-half concert blues, Iggy Azalea said Tuesday she was pushing back the start of her “The Great Escape Tour” from April to September.